Growing European Exchange GokuMarket Migrates from CEX to DAO-Based DEX

TALLINN, Estonia, April 25, 2022 (GLOBE NEWSWIRE) — DAO based DEX is the way forward for cryptocurrency platforms with several projects embracing decentralisation, the migration from centralisation to decentralisation is seemingly bringing a wave of change to the cryptosphere.

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While the crypto economy still contemplates the potential of DAO, GokuMarket, a centralised exchange from Europe, migrated with full force to being a DAO-focused decentralised exchange. The platform was launched as a traditional marketplace for the blockchain economy with simple wallet services back in 2019 and grew to a community of 1 million users in no time.

Why Migrating to DAO based DEX?

GokuMarket is focused on creating a transparent and community-driven platform; however, complete autonomy was rather challenging to achieve for a centralised European licensed platform. GokuMarket remodelled its CEX to a DAO-based DEX primarily to create a 100% governance-based platform that is not managed by anyone but the community.

GokuMarket aims to safeguard the community’s interest by migrating to DAO-based

Decentralised Exchange by leaving no space for centralised management or intermediaries. The governance model will allow holders of GMC to make proposals and suggest upgrades within the platform. The governance layer also covers the revenue share of the platform. This means revenue generated from the GokuMarket modules of Swap, Voting, Price Prediction & Lottery will be distributed among the members of the DAO. With the transition, GokuMarket would become a non-custodial platform, meaning that they would not hold their user’s funds, making the platform truly sovereign.

Anyone can become a member of the GokuMarketDAO by pledging the platform’s governance and utility token, GMC. Any member of the DAO will be able to propose a change by using GMC. DAO Foundation is a consortium of up to 21 members, who will review and ensure any initiated proposal follows the DAO proposal guidelines. Nine DAO Directors will be chosen on the 1st of every month based on the highest pledged GMCs. These Directors will also hold voting power on proposals together with the entire DAO Community.

How will this benefit the users and projects?

The migration has been done, keeping in mind the best interest of projects and the community. Both the community and the projects will operate with increased transparency and less regulatory formalities in general. Apart from this, the addition of features like DeFi, NFT, and Metaverse Guilds will broadly open opportunities for project owners, users, creators, and gamers.

GokuMarket’s transition to a DAO-based DEX platform will give projects and users a free hand they crave in the space. With GokuMarket DeFi, users can explore products like Farming, Pool, Swaps, Lottery, Market Price Prediction, NFT and Voting. Users can also trade Crypto & NFTs or Swap their assets; participate in Pools and Farms to earn more; try their luck with Lottery, or flex their market understanding with Market Price Prediction.

GokuMarket’s shift from centralisation to decentralisation says a lot about the growing crypto space and how users are truly set at the heart of the platform. Decentralisation enables full ownership to a user and is reciprocated by loyalty and accountability towards the platform.

Platforms like GokuMarket are bringing along the expertise of centralised finance and setting the foundations of a truly decentralised space.

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SOURCE: GokuMarket OU


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